<p><img src="https://static3.businessinsider.com/image/60f0fe17bb790e0018207e5c-2222/biden-afghanistan-news-conference-getty.jpg" border="0" alt="President Biden" data-mce-source="Alex Wong/Getty Images" data-mce-caption="President Biden speaks to reporters on July 8"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>At a White House press briefing on Thursday, President Joe Biden said the situation in Hong Kong is "deteriorating" and said the administration is set to issue a business advisoryexpected Friday"as to what may happen" in Hong Kong.</p><p>"Let me talk about the business advisory," Biden said. "The situation in Hong Kong is deteriorating. And the Chinese government is not keeping its commitment that it made, how it would deal with Hong Kong."</p><p>"It's as simple as that and as complicated as that," Biden said at the press conference alongside German Chancellor Angela Merkel.</p><p><a href="https://www.wsj.com/articles/biden-says-situation-in-hong-kong-deteriorating-11626388253"></a> According to <a href="https://www.wsj.com/articles/biden-says-situation-in-hong-kong-deteriorating-11626388253">The Wall Street Journal</a>, the advisory is expected to be aimed at US businesses, not sanctions against China. </p><p>The statement comes as China's grip on Hong Kong tightens. In May 2020, China <a href="https://www.businessinsider.com/hong-kong-protests-photos-after-china-passes-national-security-law-2020-5">passed national security legislation</a> under which the country is allowed to set up a police presence in Hong Kong. The legislation limits the freedoms Hong Kong has had since 1997.</p><p>In March, 47 pro-democracy protesters in Hong Kong were <a href="https://www.businessinsider.com/hong-kong-47-charged-with-subversion-anti-democracy-crackdown-by-china-2021-2">charged</a> with "conspiracy to commit subversion." Days later, China <a href="https://www.businessinsider.com/china-hong-kongs-electoral-system-overhaul-to-give-patriots-control-2021-3">announced</a> that it plans to overhaul Hong Kong's electoral system and install in leadership positions "patriots" loyal to Beijing.</p><p>The White House did not immediately reply to Insider's request for comment.</p><p><a href="https://www.businessinsider.com/biden-says-situation-in-hong-kong-deteriorating-2021-7#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/why-everyone-hates-moist-2018-5">Why 'moist' is one of the most hated words in the English language</a></p> Click here to read full news..